Connect with us

Hi, what are you looking for?

Bitcoin
Bitcoin

Cryptocurrency

Market sentiment might stymie Bitcoin’s rise to new heights

According to Santion’s most recent research, Bitcoin may not be able to reach new all-time highs because of how positively people feel about it on social media. There are 1.8 positive posts for every bearish post, which shows that people are very optimistic. This could cause price changes. Based on past patterns, Bitcoin tends to move against what most people think. This means that investors should be careful as they handle the current market environment.

Recent data from Santiment shows that social media opinion is running unusually high, which could make it harder for Bitcoin to reach an all-time high. The data platform recently said that for every post that is negative about Bitcoin, there are about 1.8 posts that are positive. This shows that buyers are feeling more optimistic.

This general feeling of optimism could be a problem, since markets tend to move in the opposite way of what most people think they will. Bitcoin’s price went from less than $58,000 on September 17 to over $66,000 by September 28. As of September 30, it had gone up by about 14%. This rise puts Bitcoin on track for its best September ever, with gains close to 12%.

A more positive view of Bitcoin has also started to show up in mainstream media. A top security officer named Jameson Lopp said that the story about Bitcoin is moving away from fear, uncertainty, and doubt (FUD), which shows that more people are starting to accept the digital currency.

The Bitcoin Fear and Greed Index has also returned to a level of greed, at 61. It had dropped to a low of 22 in early September, when people were very scared. It’s possible that this sudden change means the market is getting too comfortable.

There are also worries about the market for stablecoins in China right now, which is going down. When stablecoins backed by the dollar are selling at a discount, it usually means that buyers don’t trust them.

Bitcoin is selling at about $64,406, which is about 12.6% less than its March high of $73,734. In the first few hours of trading on September 30, Bitcoin dropped sharply, losing almost 2% in just six hours.

Too many positive posts on social media and outside factors suggest that Bitcoin might need to change its path before it can hit new heights. Traders and buyers should be careful and keep their hopes low because the market often responds in unpredictable ways to how people feel.

author avatar
Satpal S
Satpal is an Editor and Author at 4C Media Co, specializing in all stories and news related to crypto and finance.
Advertisement

You May Also Like

Cryptocurrency

The increasing prevalence of crypto hacks and regulatory pressures has sparked a surge in self-custody adoption, with investors turning to secure hardware wallets for...

Cryptocurrency

President-elect Donald Trump is expected to sign an executive order, perhaps on his first day of office, making bitcoin a national priority. The move...

Cryptocurrency

The SEC has filed an appeal, disputing a court decision that XRP sold to individual investors is not an unregistered security. The regulator claims...

Cryptocurrency

Donald Trump's crypto company, World Liberty Financial, made a bold $48 million Ether acquisition as the currency gains traction versus Bitcoin. The move has...

polkadot
Polkadot (DOT) $ 6.58 3.75%
bitcoin
Bitcoin (BTC) $ 105,051.15 2.67%
ethereum
Ethereum (ETH) $ 3,296.69 1.07%
cardano
Cardano (ADA) $ 0.994747 3.42%
xrp
XRP (XRP) $ 3.17 3.01%
stellar
Stellar (XLM) $ 0.433074 0.13%
litecoin
Litecoin (LTC) $ 117.01 0.13%